Bitcoin hits 12-week high $79,488 after Iran suggests Hormuz reopening
Business
Bitcoin just hit its highest point in 12 weeks, jumping to $79,488 after some positive moves in U.S.-Iran relations.
The buzz started when Iran suggested reopening the Strait of Hormuz to the US which gave Asian shares a boost, and Bitcoin rode that wave too.
Saylor-led Strategy Inc. buys $3.9B Bitcoin
Institutional investors are piling in: Michael Saylor-led Strategy Inc. snapped up $3.9 billion worth of Bitcoin this month, its biggest buy in a year.
Spot Bitcoin ETFs in the US also saw $2.5 billion flow in during April, outpacing March.
With all this momentum, Bitcoin is on track for a 16% gain this month, its best run since May last year.